Oilfield Chemicals Market Intelligence, Prescriptive Research, Execute Growth Opportunities
Oilfield chemicals have been on the rise in recent years. This constant rise in popularity is partly attributable to the fact that the average cost of establishing an oilfield business is far lower than the cost of establishing an operations-based business such as a hospital or dentist’s office. The typical cost of launching an oilfield business is less than half of the cost of installing the same equipment and supplies in your own business. There are also numerous government and private awards available to assist new small enterprises in getting off the ground.
Growing deep drilling operations is expected to drive growth of the global oilfield stimulation chemicals market. Many oil and gas corporations worldwide are focused on oil drilling activities with rising investment in the oil & gas sector. For instance, in December 2020, ExxonMobil Corporation and PETRONAS discovered hydrocarbons at Sloanea-1 exploration well on Block 52 offshore Suriname. Furthermore, in October 2020, ExxonMobil made its final investment of US$ 9 billion in Payara field offshore development in Guyana. The demand for stimulation chemicals for hydraulic fracturing, acid fracking, matrix acidization, and other procedures is increasing as deep drilling activities expand throughout the world. As a result, these factors are projected to propel the global oilfield stimulation chemicals market forward. Furthermore, rising crude oil output is likely to drive the growth of the worldwide oilfield stimulation chemicals market in the near future.
Low crude oil prices, severe government regulations, and significant environmental risk are projected to stymie the expansion of the worldwide oilfield stimulation chemicals market in the near future. The application of biopolymer in the stimulation and discovery of new oilfields in Latin America and Africa, on the other hand, has the potential to generate significant business prospects in the near future. North America is predicted to be the fastest growing region in the global oilfield stimulation chemicals market. This is due to the presence of an established industry in the area. Furthermore, Asia Pacific is predicted to rise rapidly, owing to an increase in exploration activity in the South China Sea and Southeast Asian countries.
Key players involved in the global oilfield stimulation chemicals market are The Dow Chemical Company, BASF SE, Clariant, DuPont, Chevron Phillips, Lubrizol Corporation, Schlumberger, Halliburton, Stepan Company, and Baker Hughes.
For instance, in September 2020, BASF SE expanded its production capacity with the installation of enhanced oil recovery polymer injection plants in Argentina.
